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PRINCIPAL, INTEREST, TAXES, AND INSURANCE (PITI)
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four components of a monthly mortgage payment on impounded
loans. Principal refers to the part of the monthly payment
that reduces the remaining balance of the mortgage. Interest
is the fee charged for borrowing money. Taxes and insurance
refer to the amounts that are paid into an escrow account
each month for property taxes and mortgage and hazard
insurance. |
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BACK TO GLOSSARY |
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Simplicity
Mortgage -
6180 E. State Street, Suite 5 - Rockford,
IL 61108
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